On behalf of our client, a husband and wife, we obtained a $1.2 million cash-out refinance on their portfolio of rental properties in Orlando, Florida.
Their portfolio consists of 9 rental properties (all single-family residences) that they acquired and renovated starting in 2018.
They had problems getting approved by other lenders due to credit issues, include a recent foreclosure and several derogatory accounts.
We were able to get an exception for their credit items, and we provided them with a single, portfolio loan that allowed them to achieve their goal of pulling cash from the properties to acquire new ones to add to their portfolio. Under this streamlined blanket approach, they only had to pay one set of closing costs.
The terms we obtained included 65% loan-to-value (LTV), 4.87% interest rate, 5-year term, interest-only payments, and a non-recourse provision. These terms are particularly favorable given our client’s recent foreclosure and the COVID-19 pandemic.
Looking to pull cash from your portfolio of investment properties? Contact us today for more details regarding blanket loans for rental portfolios.